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ra1l [238]
3 years ago
11

Delaney Inc. has several transactions with foreign entities. Each transaction is denominated in the local currency unit of the c

ountry in which the foreign entity is located. For each of the following independent cases, determine the December 31, 20X2, year-end balance in the appropriate accounts for the case.
Case 1: On November 12, 20X2, Delaney purchased goods from a foreign company at a price of LCU 40,000 when the direct exchange rate was 1 LCU = $0.45. The account has not been settled as of December 31, 20X2, when the exchange rate has decreased to 1 LCU = $0.40.

Case 2: On November 28, 20X2, Delaney sold goods to a foreign entity at a price of LCU 20,000 when the direct exchange rate was 1 LCU = $1.80. The account has not been settled as of December 31, 20X2, when the exchange rate has increased to 1 LCU = $1.90.

Case 3: On December 2, 20X2, Delaney purchased goods from a foreign company at a price of LCU 30,000 when the direct exchange rate was 1 LCU = $0.80. The account has not been settled as of December 31, 20X2, when the exchange rate has increased to 1 LCU = $0.90.

Case 4: On December 12, 20X2, Delaney sold goods to a foreign entity at a price of LCU 2,500,000 was 1 LCU = $0.003. The account has not been settled as of December 31, 20x2, when the exchange rate has decreased to 1 LCU = $0.0025.

Required:
Prepare the December 31, 20X2, year-end balances on Delaney's records.
Business
1 answer:
lina2011 [118]3 years ago
5 0

Answer:

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Explanation:

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